“We’re in an entrepreneurial service business. Our job is not only to deploy capital but to provide a range of services for entrepreneurs. We work incredibly aggressively with them.”
Who said it: Rick Heitzmann, a Founder and Managing Director of FirstMark Capital. He focuses on investments in the emerging media & advertising and data & analytics sectors.
In Context:In an article entitled, The new money men, a reporter from Crains New York writes that the current crop of successful VCs are almost “married” to the entrepreneurs they are financing. Heitzmann is quoted with his service oriented statement as being exemplary of this new type. These younger VCs are not financiers, “they are mentors, rabbis and consiglieres, all wrapped up in one”. They are contrasted with the type of venture capitalists who “bankrolled companies like Digital Equipment and Intel” who met with management mainly at board meetings, while “the second boom’s VCs are practically married to their investees, networking, strategizing and helping them make hiring and firing decisions.” Image source: FirstMark Capital
Where we found it: Crains New York